Beruflich Dokumente
Kultur Dokumente
HEAD OFFICE
4th Floor, Building No. 3, Aiwan-e-Iqbal Complex, Egerton Road, Lahore
Tel: (92 42) 111 111 456, Fax: (92 42) 36304926-7
helpdesk@smeda.org.pk
3rd Floor, Building No. 3, 5TH Floor, Bahria Ground Floor Bungalow No. 15-A
Aiwan-e-Iqbal Complex, Complex II, M.T. Khan Road, State Life Building Chaman Housing Scheme
Egerton Road Lahore, Karachi. The Mall, Peshawar. Airport Road, Quetta.
Tel: (042) 111-111-456 Tel: (021) 111-111-456 Tel: (091) 9213046-47 Tel: (081) 831623, 831702
Fax: (042) 36304926-7 Fax: (021) 5610572 Fax: (091) 286908 Fax: (081) 831922
helpdesk.punjab@smeda.org.pk helpdesk-khi@smeda.org.pk helpdesk-pew@smeda.org.pk helpdesk-qta@smeda.org.pk
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
Table of Contents
1 DISCLAIMER .................................................................................................................................... 3
2 EXECUTIVE SUMMARY ................................................................................................................. 4
3 INTRODUCTION TO SMEDA ........................................................................................................ 5
4 PURPOSE OF THE DOCUMENT ................................................................................................... 5
5 BRIEF DESCRIPTION OF PROJECT & PRODUCT ..................................................................... 6
5.1 DAIRY FARM PRODUCTION PROCESS ...................................................................................................... 6
5.2 INSTALLED AND OPERATIONAL CAPACITIES ....................................................................................... 10
6 CRITICAL FACTORS .....................................................................................................................11
7 GEOGRAPHICAL POTENTIAL FOR INVESTMENT ................................................................12
8 POTENTIAL TARGET CUSTOMERS / MARKETS ...................................................................12
9 PROJECT COST SUMMARY .........................................................................................................13
9.1 PROJECT ECONOMICS................................................................................................................................... 13
9.2 PROJECT FINANCING...................................................................................................................................... 13
9.3 PROJECT COST ................................................................................................................................................. 14
9.4 SPACE REQUIREMENT ................................................................................................................................... 15
9.5 MACHINERY & EQUIPMENT REQUIREMENT ......................................................................................... 16
9.6 OFFICE VEHICLE............................................................................................................................................... 16
9.7 FURNITURE & FIXTURES REQUIREMENT .............................................................................................. 17
9.8 OFFICE EQUIPMENT REQUIREMENT ....................................................................................................... 17
9.9 HUMAN RESOURCE REQUIREMENT ........................................................................................................ 17
9.10 RAW MATERIAL REQUIREMENT............................................................................................................... 18
9.11 UTILITIES AND OTHER COSTS .................................................................................................................. 20
9.12 REVENUE GENERATION ............................................................................................................................. 20
10 CONTACT DETAILS ......................................................................................................................21
10.1 MACHINERY SUPPLIERS............................................................................................................................. 21
10.2 RAW MATERIAL SUPPLIERS ..................................................................................................................... 21
10.3 TECHNICAL EXPERTS / CONSULTANTS............................................................................................... 23
11 USEFUL WEB LINKS.....................................................................................................................24
12 ANNEXURES ..................................................................................................................................25
12.1 INCOME STATEMENT.................................................................................................................................... 25
12.2 BALANCE SHEET............................................................................................................................................ 26
12.3 CASH FLOW STATEMENT........................................................................................................................... 27
13 KEY ASSUMPTIONS .....................................................................................................................28
13.1 OPERATING COST ASSUMPTIONS......................................................................................................... 28
13.2 PRODUCTION COST ASSUMPTIONS ..................................................................................................... 28
13.3 REVENUE ASSUMPTIONS........................................................................................................................... 29
13.4 FINANCIAL ASSUMPTIONS ......................................................................................................................... 29
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
1 DISCLAIMER
This information memorandum is to introduce the subject matter and provide a
general idea and information on the said matter. Although, the material included in
this document is based on data/information gathered from various reliable
sources; however, it is based upon certain assumptions, which may differ from
case to case. The information has been provided on as is where is basis without
any warranties or assertions as to the correctness or soundness thereof. Although,
due care and diligence has been taken to compile this document, the contained
information may vary due to any change in any of the concerned factors, and the
actual results may differ substantially from the presented information. SMEDA, its
employees or agents do not assume any liability for any financial or other loss
resulting from this memorandum in consequence of undertaking this activity. The
contained information does not preclude any further professional advice. The
prospective user of this memorandum is encouraged to carry out additional
diligence and gather any information which is necessary for making an informed
decision, including taking professional advice from a qualified consultant/technical
expert before taking any decision to act upon the information.
For more information on services offered by SMEDA, please contact our website:
www.smeda.org.pk
Document Control
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
2 EXECUTIVE SUMMARY
This pre-feasibility study is based upon the business analysis of setting up a dairy
farm where cows with proven pedigree and high genetic worth are kept primarily
for milk production in an Environmentally Controlled Housing (ECH) system. The
animals are fed Total Mixed Ration (TMR), which is a high energy, and protein rich
nutritionally balanced formulated feed. The cows are bred by proven pedigreed
genetics through the Artificial Insemination method to attain maximum genetic
potential (‘Net Merit’ in terms of profits).
Dairy production is an all-inclusive activity, related to dairy animal care,
reproduction, feeding and management. It encompasses all aspects and activities
related to raising dairy animals during various phases of life to get hygienic and full
cream milk.
A dairy farm with 100 cows needs a total investment of approximately Rs. 68.77
million out of which, capital cost of the project is Rs. 66.78 million with working
capital of Rs. 1.99 million. The project is assumed to be working on a 50:50 debt :
equity ratio. It is assumed that starting from 100 animals in year 1, the herd of
animals will increase to approximately 446 animals in 10th year of the project, with
15% culling rate.
The Internal Rate of Return (IRR), Payback Period and Net Present Value (NPV)
of the project, based upon stated assumptions, are 37%, 4.19 years and Rs. 112.9
million respectively. The farm will provide employment opportunity to 9 individuals
initially which will increase to 20 at year 10, with the increase in size of the farm.
The legal status of the project is proposed to be a sole proprietorship.
The project is proposed to be located in peri-urban areas around metropolitan
cities like Karachi, Lahore, Islamabad, Faisalabad, Okara, Sahiwal, Sheikhupura,
Sargodha, Multan, Bahawalpur, Hyderabad, Quetta, Ziarat, Peshawar etc. which
are major markets of milk. The rural and peri-urban areas around the major cities
with abundant water and availability of fodder make a better choice for farming;
provided access to livestock markets and veterinary services is ensured. The milk
may be sold at the farm gate or directly sold in the urban market.
Most critical considerations or factors for success of the project are background
knowledge and related experience for application of Good Animal Husbandry
Practices (GAHP), market / demand of milk, understanding of ECH dairy system,
importance of feeding regimes for getting optimum results from good genetics,
farm and labour management etc.
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
3 INTRODUCTION TO SMEDA
The Small and Medium Enterprises Development Authority (SMEDA) was
established in October 1998 with an objective to provide fresh impetus to the
economy through development of Small and Medium Enterprises (SMEs).
With a mission "to assist in employment generation and value addition to the
national income, through development of the SME sector, by helping increase the
number, scale and competitiveness of SMEs", SMEDA has carried out ‘sectoral
research’ to identify policy, access to finance, business development services,
strategic initiatives and institutional collaboration and networking initiatives.
Preparation and dissemination of prefeasibility studies in key areas of investment
has been a successful hallmark of SME facilitation by SMEDA.
Concurrent to the prefeasibility studies, a broad spectrum of business
development services is also offered to the SMEs by SMEDA. These services
include identification of experts and consultants and delivery of need based
capacity building programs of different types in addition to business guidance
through help desk services.
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
etc. The records for daily milk yields, weight, Artificial Inseminations (AI),
calving, vaccination and medication etc. are also important.
Culling: Good productive animals should be selected and uneconomical
animals should be culled. Low yielding culled animals may be sold in the
regular livestock market. On an average, cows are productive for 7 to 8 years.
The culling rate of 15% per annum in the total herd is desirable for a successful
dairy farm.
Regular technical assistance from dairy and livestock professionals, experts
and technical consultants is advised.
Returns on the proposed business and its profitability are highly dependent on the
efficiency of above mentioned factors. In case a dairy farm is not able to attain its
target milk production or implement effective husbandry practices, it will not be
able to cover the potential market and recover payments; hence, cost of operating
the business will increase.
The annual mortality rate is assumed to be 7% for newborn calves, 3% for heifers
and 2% for adult cows. The project will operate at 100% of its installed capacity
from the first year of operations.
10
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
6 CRITICAL FACTORS
The most critical considerations or factors for success of the project are:
Background knowledge and related experience of the entrepreneur in dairy
farm operations.
Application of good husbandry practices such as timely feeding, watering
and vaccination to ensure animal’s health and disease-free environment.
Awareness about supply and demand of milk in the market as demand of
milk is relatively higher in summer as compared to winter season.
Efficient marketing of the project and bulk supply to wholesalers.
Commercial dairy farmers depend on land, labor and animals as te major
resources. Modern dairy farming practices emphasize increased use of capital and
management. Successful dairy farming harnesses all available resources for
productive and profitable unit. Dairy farming is highly complex as it includes
breeding, management, feeding, housing, disease control and hygienic production
of milk on farm. The judicial use of means and resources to achieve clearly
defined goals is the key success factor in modern dairy farming i.e. the art of
maximization and optimal utilization of resources and means for maximizing
productivity and profits.
Low yield animals are uneconomical to keep; hence they should be culled as early
and efficiently as possible. Overall genetic improvement of all dairy animals is
necessary for improved milk production. It involves milking records at equal
intervals, selection of bull from high producing mothers, progeny testing of
breeding bull and then making extensive use of these bulls by well-organized
Artificial Insemination (AI) program.
Feeding dairy animals on nutritious and high yielding hybrid varieties of forages
can be adopted. Surplus forage should be preserved as silage or hay.
Other farm management practices include feeding for growth, lactation, pregnancy
or maintenance, hygienic milk production, comfortable and ventilated barns,
spraying / wallowing of animals in summer, timely detection of heated, mating, with
selected bull or AI service. If animals are bred within the 60-90 days of calving
provided with clean surroundings, drinking water and feed according to the
requirements, overall performance of herd can be improved.
Timely vaccination against mentioned diseases such as Rinderpest, Black
Quarter, Foot and Mouth Disease, Brucellosis along with the prevention of mastitis
and parasitic control will also improve overall performance of the dairy herd.
11
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
The cost of production per litre of raw milk should be lower than its sale price so
that the farmer finds it economical. The daily milk intake of Lahore & Karachi is 3
million litres and 5 million litres respectively. The demand for milk increases during
summers as consumption of whey (lassi) rises due to hot weather. Yogurt or curd
is another popular product. These are high value products however with relatively
short shelf life.
Milk processing companies use milk as a raw material to formulate different types
of milk i.e. pasteurized milk, UHT treated milk, condensed milk, skim milk & milk
12
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
powder, etc. Different value added products like ghee, khoya, yogurt, ice cream,
butter and cheese are also prepared from raw milk. Processed milk market has
increased its share in quality conscious consumers. Processed milk has achieved
4% share in Lahore milk market during the last two decades. Milk supply is
increasing at the rate of 4% annually, however demand is increasing at 15%
annually. Metropolitan cities are considered major markets for the sale of milk. Milk
can be sold at farms or directly to milk centers in the urban market.
13
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
The proposed pre-feasibility is based on the assumption of 50% debt and 50%
equity. However this composition can be changed as per requirements of the
investor.
14
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
The housing of labor and management staff and room for chiller utensils and milk
storage is to be constructed on the first floor.
15
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
It is assumed that Rs. 5000 per month will be required to cover travelling expenses
in order to carry out essential operations of the farm, translating to an expense of
Rs.60, 000 per annum.
16
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
17
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
Total Staff
No. of Monthly Salary/
Description Salary in Year 1
Employees person (Rs.)
(Rs)
Total 9 2,016,000
It is recommended that the farm supervisor be categorized as ‘NVQF Certificate
Level-3 OR Level-4’ having comprehensive practical and theoretical knowledge
within dairy farming with the responsibility for supervision of various critical
activities at farm related to improvement of farm productivity. He should also
provide inputs to review and develop targets for sub-ordinate farm workers. (For
further details on qualifications, please visit Pakistan National Vocational
Qualifications Framework (NVQF), National Vocational and Technical Training
Commission (NAVTTC), www.navttc.org ).
18
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
Table 11: Daily Feeding Requirements of New Born Female Calf** (till one
year of age)
19
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
20
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
10 CONTACT DETAILS
In order to facilitate potential investors, contact details of private sector Service
Providers relevant to the proposed project are given hereunder.
21
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
AI / Semen Suppliers
Ghazi Brothers Solve Agri pak pvt limited
B-35 KDA Scheme No 1,
Mian Muhammad Shah Road, Karachi.
Ph: 021-4543579
WW Sires by Maxim International Pvt. Ltd.
69-A, Sector-XX, Khayaban-e-Iqbal, DHA, Lahore.
Ph: 042-35693993
Altaf & Co., Altaf & Co Plaza, ABS Global by solve agri pak
16/1, Out Fall Road, Lahore. Dr Khurram 03338387207
Ph: 042-35763411-4
Milk Contractors/ Processors
Engro Foods Pvt. Limited
5th, 6th Floor, Harbor Front Building
Marine Drive, Block 4, Clifton, Karachi.
Ph: +92 21 3529-6000 (10 lines)
Nestle Pakistan
308, Upper Mall, Lahore,
Ph: 042-35757082-95, UAN +92-42-111637853
22
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
Dr Jan Muhammad
Farm Manager ,Chawla ,Faisalabad
03208664747
Fahad Mumtaz
Ventilation expert
Pepco ,Gujranwala
03008641779
Mr Nasir Abbas
Control Shed expert
Maimmar Engineer
03008074017
23
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
24
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
12 ANNEXURES
Revenue 52,974,150 52,256,417 76,489,928 95,027,614 125,191,153 159,591,549 205,656,178 264,477,793 323,504,058 422,438,238
Cost of goods sold 30,001,467 37,497,640 45,235,368 55,177,042 69,773,604 88,092,778 110,898,034 136,609,091 173,354,841 220,945,339
Gross Profit 22,972,683 14,758,777 31,254,560 39,850,572 55,417,549 71,498,771 94,758,143 127,868,702 150,149,217 201,492,899
Other income - - - - - - - - - -
Gain / (loss) on sale of assets - - - - - - - - - -
Earnings Before Interest & Taxes 20,354,588 12,062,391 28,395,611 36,835,812 51,785,479 67,751,294 90,734,787 123,516,177 145,450,424 196,310,012
Interest expense 4,310,922 3,998,758 3,724,896 3,413,232 3,058,549 2,654,908 2,195,551 1,672,788 1,077,866 400,826
Earnings Before Tax 16,043,667 8,063,633 24,670,715 33,422,580 48,726,930 65,096,386 88,539,236 121,843,390 144,372,557 195,909,186
Tax 4,834,783 2,041,771 7,854,250 10,917,402 16,273,925 22,003,234 30,208,232 41,864,686 49,749,894 67,787,714
NET PROFIT/(LOSS) AFTER TAX 11,208,884 6,021,862 16,816,466 22,505,178 32,453,005 43,093,152 58,331,004 79,978,704 94,622,663 128,121,471
Balance brought forward 5,604,442 11,626,304 14,221,385 36,726,562 69,179,568 112,272,719 170,603,724 250,582,428 345,205,091
Total profit available for appropriation 11,208,884 11,626,304 28,442,770 36,726,562 69,179,568 112,272,719 170,603,724 250,582,428 345,205,091 473,326,562
Dividend 5,604,442 - 14,221,385 - - - - - - -
Balance carried forward 5,604,442 11,626,304 14,221,385 36,726,562 69,179,568 112,272,719 170,603,724 250,582,428 345,205,091 473,326,562
25
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
Assets
Current assets
Cash & Bank 734,897 5,696,139 11,160,694 12,239,965 24,509,049 54,791,945 94,842,170 149,207,428 223,307,300 310,574,439 456,790,195
Accounts receivable - 964,320 935,451 1,385,603 1,745,349 2,299,729 2,931,706 3,782,047 4,858,453 5,942,920 7,760,118
Finished goods inventory - - - - - - - - - - -
Equipment spare part inventory - - - - - - - - - - -
Raw material inventory 1,099,321 1,530,778 2,041,312 2,762,452 3,859,494 5,400,193 7,527,604 10,253,018 14,367,551 20,199,000 -
Pre-paid annual land lease - - - - - - - - - - -
Pre-paid building rent - - - - - - - - - - -
Pre-paid lease interest - - - - - - - - - - -
Pre-paid insurance 157,745 141,971 126,196 110,422 94,647 78,873 63,098 47,324 31,549 15,775 -
Total Current Assets 1,991,962 8,333,208 14,263,652 16,498,442 30,208,539 62,570,740 105,364,579 163,289,816 242,564,853 336,732,134 464,550,312
Fixed assets
Land 5,545,659 5,545,659 5,545,659 5,545,659 5,545,659 5,545,659 5,545,659 5,545,659 5,545,659 5,545,659 5,545,659
Building/Infrastructure 17,230,938 16,369,391 15,507,844 14,646,297 22,090,190 20,813,371 19,536,552 18,259,733 16,982,915 15,706,096 14,429,277
Animals 40,000,000 37,217,500 43,473,018 55,123,388 69,955,708 90,311,306 115,978,261 146,965,439 185,870,795 236,862,281 305,342,179
Machinery & equipment 3,091,900 2,782,710 2,473,520 2,164,330 1,855,140 1,545,950 1,236,760 927,570 618,380 309,190 -
Furniture & fixtures 228,900 206,010 183,120 160,230 137,340 114,450 91,560 68,670 45,780 22,890 -
Office vehicles 63,000 56,700 50,400 44,100 37,800 31,500 25,200 18,900 12,600 6,300 -
Office equipment 63,000 56,700 50,400 44,100 37,800 31,500 25,200 18,900 12,600 6,300 -
Total Fixed Assets 66,223,397 62,234,670 67,283,960 77,728,104 99,659,638 118,393,736 142,439,193 171,804,871 209,088,729 258,458,716 325,317,115
Intangible assets
Pre-operation costs 559,000 447,200 335,400 223,600 111,800 - - - - - -
Legal, licensing, & training costs - - - - - - - - - - -
Total Intangible Assets 559,000 447,200 335,400 223,600 111,800 - - - - - -
TOTAL ASSETS 68,774,359 71,015,078 81,883,013 94,450,146 129,979,976 180,964,476 247,803,772 335,094,687 451,653,582 595,190,849 789,867,428
Other liabilities
Lease payable - - - - - - - - - - -
Deferred tax - - - - - - - - - - -
Long term debt 34,387,180 31,647,804 29,663,764 27,405,863 24,836,298 21,912,049 18,584,159 14,796,912 10,486,902 5,581,971 -
Total Long Term Liabilities 34,387,180 31,647,804 29,663,764 27,405,863 24,836,298 21,912,049 18,584,159 14,796,912 10,486,902 5,581,971 -
Shareholders' equity
Paid-up capital 34,387,180 34,387,180 34,387,180 34,387,180 34,387,180 34,387,180 34,387,180 34,387,180 34,387,180 34,387,180 34,387,180
Gain / Loss on Net value of Animals - (2,782,500) 3,473,018 15,123,388 29,955,708 50,311,306 75,978,261 106,965,439 145,870,795 196,862,281 265,342,179
Retained earnings - 5,604,442 11,626,304 14,221,385 36,726,562 69,179,568 112,272,719 170,603,724 250,582,428 345,205,091 473,326,562
Total Equity 34,387,180 37,209,122 49,486,501 63,731,953 101,069,450 153,878,053 222,638,160 311,956,342 430,840,402 576,454,551 773,055,921
TOTAL CAPITAL AND LIABILITIES 68,774,359 71,015,078 81,883,013 94,450,146 129,979,976 180,964,476 247,803,772 335,094,687 451,653,582 595,190,849 789,867,428
Note: Total assets value will differ from project cost due to first installment of leases paid at the start of year 0
- - - - - - - - - - -
26
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
Operating activities
Net profit - 11,208,884 6,021,862 16,816,466 22,505,178 32,453,005 43,093,152 58,331,004 79,978,704 94,622,663 128,121,471
Add: depreciation expense - 1,206,227 1,206,227 1,206,227 1,206,227 1,621,499 1,621,499 1,621,499 1,621,499 1,621,499 1,621,499
amortization expense - 111,800 111,800 111,800 111,800 111,800 - - - - -
Deferred income tax - - - - - - - - - - -
Accounts receivable - (964,320) 28,869 (450,153) (359,745) (554,380) (631,977) (850,341) (1,076,406) (1,084,468) (1,817,197)
Finished good inventory - - - - - - - - - - -
Equipment inventory - - - - - - - - - - -
Raw material inventory (1,099,321) (431,457) (510,534) (721,141) (1,097,042) (1,540,699) (2,127,412) (2,725,413) (4,114,534) (5,831,449) 20,199,000
Pre-paid building rent - - - - - - - - - - -
Pre-paid lease interest - - - - - - - - - - -
Advance insurance premium (157,745) 15,775 15,775 15,775 15,775 15,775 15,775 15,775 15,775 15,775 15,775
Accounts payable - 2,158,152 574,595 579,583 761,898 1,100,145 1,407,078 1,759,981 1,984,844 2,828,050 3,657,180
Other liabilities - - - - - - - - - - -
Cash provided by operations (1,257,066) 13,305,060 7,448,594 17,558,557 23,144,089 33,207,145 43,378,115 58,152,504 78,409,882 92,172,070 151,797,727
Financing activities
Change in long term debt 34,387,180 (2,739,376) (1,984,040) (2,257,901) (2,569,565) (2,924,249) (3,327,890) (3,787,247) (4,310,010) (4,904,931) (5,581,971)
Change in short term debt - - - - - - - - - - -
Change in export re-finance facility - - - - - - - - - - -
Add: land lease expense - - - - - - - - - - -
Land lease payment - - - - - - - - - - -
Change in lease financing - - - - - - - - - - -
Issuance of shares 34,387,180 - - - - - - - - - -
Purchase of (treasury) shares - - - - - - - - - - -
Cash provided by / (used for) financing activities
68,774,359 (2,739,376) (1,984,040) (2,257,901) (2,569,565) (2,924,249) (3,327,890) (3,787,247) (4,310,010) (4,904,931) (5,581,971)
Investing activities
Capital expenditure (66,782,397) - - - (8,305,440) - - - - - -
Acquisitions - - - - - - - - - - -
Cash (used for) / provided by investing activities
(66,782,397) - - - (8,305,440) - - - - - -
NET CASH 734,897 10,565,685 5,464,555 15,300,656 12,269,084 30,282,896 40,050,225 54,365,258 74,099,872 87,267,139 146,215,756
Cash balance brought forward 734,897 5,696,139 11,160,694 12,239,965 24,509,049 54,791,945 94,842,170 149,207,428 223,307,300 310,574,439
Cash available for appropriation 734,897 11,300,581 11,160,694 26,461,350 24,509,049 54,791,945 94,842,170 149,207,428 223,307,300 310,574,439 456,790,195
Dividend - 5,604,442 - 14,221,385 - - - - - - -
Cash carried forward 734,897 5,696,139 11,160,694 12,239,965 24,509,049 54,791,945 94,842,170 149,207,428 223,307,300 310,574,439 456,790,195
27
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
13 KEY ASSUMPTIONS
28
March 2016
Pre-Feasibility Study (Dairy Farm- 100 cows)
29
March 2016